HomeMy WebLinkAboutReg 2010-09-20 Item 6B - Agreement - Lily Pointe Easement Interest Payment for Tukwila 205 Levee Repair for $75,000I MTG. DATE
09/13/10
1 09/20/10
1
MTG. DATE
09/13/10
09/20/10
CAS NUMBER: 10-101
COUNCIL AGENDA SYNOPSIS
11leetin. Date cared by
09/13/10 -BG
09/20/10 WOG
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ITEM INFORMATION
I ORIGINAL AGENDA DATE: SEPTEMBER 13, 2010
AGENDA ITEM TITLE Tukwila 205 Levee Repair Lily Pointe Easement Interest Payment
per the Real Estate Purchase and Sale Agreement
CATEGORY Discwsszon Motion Resolution 1 1 Ordinance 1 !Bid Award Public Hearing n Other
Aftg Date 09/13/10 Mtg Date 09/20/10 Mtg Date
EXPENDITURE REQUIRED
$Not to exceed $75,000.00
Fund Source:
Connnents:
Aftg Date
AMOUNT BUDGETED
$0.00
1
ounczl review
RECORD OF COUNCIL ACTION
Forward to next Regular meetinn
Planning Comm.
ITEM No.
I Itg Date Mtg Date Mtg Date
1SPONSOR I Council Mayor Adm Svcs DCD 1 1 Finance Fire 1 'Legal n P&R n Police ®PIV
SPONSOR'S The US Army Corps of Engineers completed repairs to the Tukwila 205 Levee in 2008. The
SUMMARY repairs at Site 3 required additional easements from two property owners, Wells Fargo and
Lily Pointe, LLC. The easements will be reimbursed by King County Flood Control District
through the attached Purchase Sale agreement, but King County did not commit to the
interest payment. Lily Pointe's possession and use agreement called for a 12% interest
and the City has been able to renegotiate that interest to 9% or not to exceed $75,000.00.
REVIEWED BY COW Mtg. CA &P Cmte U F &S Cmte I I Transportation Cmte
Utilities Cmte Arts Comm. Parks Comm.
DAZE: 08/24/10
RECOMMENDATIONS:
SPONSOR /ADMIN Public Works
COMMIILEE Unanimous Approval; Forward to Committee of the Whole
COST IMPACT FUND SOURCE
APPROPRIATION REQUIRED
$0.00
ATTACHMENTS
Informational Memorandum dated 09/8/10 (revised after UC)
Real Estate Purchase and Sale Agreement Easement
Amendment to Possession and Use Agreement with 9% interest (reference only)
Lily Pointe Possession and Use Agreement (reference only)
Minutes from the Utilities Committee meeting of 08/24/10
No attachments
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